- Bitcoin Cash price prediction points at the recent bullish reversal of the cryptocurrency
- BCH token delivered a year-to-date gain of 160%
- The BCH crypto created a new high in the last one year at $326.7.
Bitcoin Cash’s (BCH) price prediction highlights the bullish trend reversal of the market, which has been trapped in a range since June 2022. The market has been trading in a range-bound environment since the collapse in 2021. During this consolidation phase, the price printed a new all-time low of $87.3 in November 2022. However, the price escaped the resistance in June 2023 and surged by almost 250% from its swing low to the price of $326.7, marking a new high since June 2022.
At the time of writing, the current market price of Bitcoin Cash crypto is $252.8. The 24-hour trading volume plunged 43.50%. The market is down by 7.41% in the last 24 hours. The overall market cap of BCH tokens is $4,916,976,291
Can Bitcoin Cash Sustain Its Bullish Momentum?
Bitcoin Cash’s (BCH) price prediction establishes a bullish outlook since the BCH token broke the resistance of $143.2. The recent pump flipped the 200 EMA to the upside, thereby marking a trend reversal. The rally saw a massive surge in volume, highlighting the aggressive buying in the market.
The BCH coin price kept investors away due to the lack of momentum for a year. However, the sideways price action attracted the likes of short-term and swing traders, who were making decent profits by trading at the support and resistance levels. The massive pump may also lead to a volatile correction, with the first line of support at $213.
How long Will The Price Consolidate Before the Next Move
A closer look at the 4-hour chart reveals a very bullish market structure. The volume spiked during the rally, suggesting that the bulls were buying aggressively. The reason behind the massive rally was that the price kept consolidating for the past year and the momentum kept building up. The BCH token reacted aggressively as the price broke the resistance.
The momentum has faded as the price made a correction of 22% from its swing high. The BCH crypto price is consolidating in a sideways trend, which can be identified by the 9 and 15 EMAs. It would be best to wait for the formation of bullish continuation patterns such as a bull flag or a bull pennant before entering any new positions.
RSI
The RSI indicator is currently at 32.16. It means that the market is slightly oversold. This indicates the bearish strength of the market and the prices may move down until the RSI crosses above 50.
MACD
MACD has made a bearish crossover while the indicator has gone below the 0 line. This suggests that the market could be bearish in the short term until the MACD makes a bullish crossover.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion
Bitcoin Cash’s (BCH) price prediction highlights the bullish trend reversal of the market, which has been trapped in a range since June 2022. The overall trend has changed to bullish. The price needs to cool down before it starts moving again. The BCH crypto price has hit a new high since June 2022. At present, it would be ideal to wait for a pullback or a bullish continuation pattern to open new entries. Otherwise, the high volatility can cause serious damage to the portfolio. The best way to navigate this volatility is through the use of a good risk management plan.
Technical Levels
- The nearest support level: $213
- The nearest resistance level: $326.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.